Improving Startup Success Through Incubators and Accelerators
What I am working on: Through The Biz Lab, I work with Incubators and Accelerators around the world to implement proprietary data-building tools like Startup Zodiac(R).
With the data collected, such organisations can improve startup outcomes through:
- Tailored support according to profile of startup segments
- Trend analysis within and between cohorts of startups
- Data-driven mentoring based on insights
My Why: Startups around the world face a high failure rate of 70% to 90% (depending on geography, industry etc.).
Whilst “failure” is integral to an entrepreneur’s learning journey, such a high failure rate results in wastage of personal and societal resources.
I often wonder if startup incubators and accelerators, with their resources and data, can help improve these odds significantly.
Based on our experiences working with incubators and accelerators in the past 3+ years, we believe they need more quality data that drives direct interventions that improves startup outcomes.
Success to me, is when incubators and accelerators can provide targeted support according to specific startup profiles or segments, and measure the effectiveness of these efforts.